Air Industries Group Secures Two Contracts worth $3.3 Million for Landing and Arresting Gear for the US Navy E-2D Advanced Hawkeye
Air Industries Group (NYSE American: AIRI) has secured two contracts valued at $3.3 million for landing and arresting gear components for the US Navy E-2D Advanced Hawkeye aircraft. The contracts cover both new aircraft production and Maintenance, Repair, and Overhaul (MRO) of existing fleet aircraft.
As the sole supplier of landing gear components for the E-2D, Air Industries supports one of the US Navy's top five acquisition programs in 2023 and 2024. The E-2D Advanced Hawkeye, with over 70 aircraft operating worldwide, is expected to remain in service until at least the 2040s.
Air Industries Group (NYSE American: AIRI) ha ottenuto due contratti del valore di 3,3 milioni di dollari per componenti del sistema di atterraggio e arresto per l'aereo E-2D Advanced Hawkeye della Marina degli Stati Uniti. I contratti riguardano sia la produzione di nuovi aerei che la Manutenzione, Riparazione e Revisione (MRO) degli aerei esistenti della flotta.
In qualità di fornitore unico di componenti del sistema di atterraggio per l'E-2D, Air Industries supporta uno dei cinque principali programmi di acquisizione della Marina degli Stati Uniti nel 2023 e 2024. L'E-2D Advanced Hawkeye, con oltre 70 aerei in servizio in tutto il mondo, è previsto rimanere operativo fino almeno agli anni '40.
Air Industries Group (NYSE American: AIRI) ha asegurado dos contratos valorados en 3,3 millones de dólares para componentes del sistema de aterrizaje y detención para el avión E-2D Advanced Hawkeye de la Marina de los Estados Unidos. Los contratos cubren tanto la producción de nuevos aviones como el Mantenimiento, Reparación y Revisión (MRO) de los aviones existentes de la flota.
Como único proveedor de componentes del sistema de aterrizaje para el E-2D, Air Industries apoya uno de los cinco principales programas de adquisición de la Marina de los Estados Unidos en 2023 y 2024. Se espera que el E-2D Advanced Hawkeye, con más de 70 aviones operando en todo el mundo, permanezca en servicio hasta al menos la década de 2040.
에어 인더스트리 그룹 (NYSE American: AIRI)는 미국 해군 E-2D 고급 호크아이 항공기의 착륙 및 체결 장비 부품에 대해 330만 달러 상당의 두 개의 계약을 체결했습니다. 이 계약은 새로운 항공기 생산과 기존 함대 항공기의 유지보수, 수리 및 개조(MRO)를 모두 포함합니다.
Air Industries는 E-2D의 착륙 장비 부품의 유일한 공급업체로서, 2023년과 2024년 동안 미국 해군의 다섯 가지 주요 조달 프로그램 중 하나를 지원하고 있습니다. 70대 이상의 항공기가 전 세계에서 운영되고 있는 E-2D 고급 호크아이는 최소한 2040년대까지 서비스에 남을 것으로 예상됩니다.
Air Industries Group (NYSE American: AIRI) a obtenu deux contrats d'une valeur de 3,3 millions de dollars pour des composants de train d'atterrissage et d'arrêt pour l'avion E-2D Advanced Hawkeye de la Marine américaine. Les contrats concernent à la fois la production de nouveaux avions et la Maintenance, Réparation et Révision (MRO) des avions existants de la flotte.
En tant que fournisseur unique de composants de train d'atterrissage pour l'E-2D, Air Industries soutient l'un des cinq principaux programmes d'acquisition de la Marine américaine en 2023 et 2024. L'E-2D Advanced Hawkeye, avec plus de 70 avions en service dans le monde, devrait rester en service jusqu'au moins dans les années 2040.
Air Industries Group (NYSE American: AIRI) hat zwei Verträge im Wert von 3,3 Millionen Dollar für Landungs- und Arrestiergerätekomponenten für das US Navy E-2D Advanced Hawkeye Flugzeug gesichert. Die Verträge umfassen sowohl die Produktion neuer Flugzeuge als auch Wartung, Reparatur und Überholung (MRO) der bestehenden Flotte.
Als einziger Anbieter von Landungsgerätek Komponenten für das E-2D unterstützt Air Industries eines der fünf wichtigsten Beschaffungsprogramme der US Navy in 2023 und 2024. Der E-2D Advanced Hawkeye, mit über 70 Flugzeugen, die weltweit im Einsatz sind, wird voraussichtlich bis mindestens in die 2040er Jahre im Dienst bleiben.
- Secured new contracts worth $3.3 million
- Position as sole supplier of landing gear components for E-2D
- Part of US Navy's top 5 acquisition programs in 2023-2024
- Long-term revenue potential with E-2D service life extending to 2040s
- Strong aftermarket opportunity with over 70 aircraft in operation
- None.
Lou Melluzzo, Chief Executive Officer of Air Industries Group commented: “The E-2D is the premier Airborne Command and Control surveillance platform in the world and has been a very stable and growing platform for Air Industries Group for many years. We are the sole supplier of landing gear components for the aircraft. These two orders underscore the critical role that Air Industries plays supporting the US Navy and the war fighter on this platform.
“With over 70 aircraft operating worldwide, there is a large demand for after-market product. One of these two contracts supports Production of new aircraft and the other supports after-market MRO sustainment of aircraft. This aircraft is expected to remain in service into at least the 2040’s, the E-2D will be flying for many years to come.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group is a leading manufacturer of precision components and assemblies for large aerospace and defense prime contractors. Its products include landing gears, flight controls, engine mounts and components for aircraft jet engines, ground turbines and other complex machines. Whether it is a small individual component or complete assembly, its high quality and extremely reliable products are used in mission critical operations that are essential for the safety of military personnel and civilians.
FORWARD LOOKING STATEMENTS
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
NON-GAAP FINANCIAL MEASURES
The Company uses Adjusted EBITDA, a Non-GAAP financial measure as defined by the SEC, as a supplemental profitability measure because management finds it useful to understand and evaluate results, excluding the impact of non-cash depreciation and amortization charges, stock based compensation expenses, and nonrecurring expenses and outlays, prior to consideration of the impact of other potential sources and uses of cash, such as working capital items. This calculation may differ in method of calculation from similarly titled measures used by other companies and may be different than the EBITDA calculation used by our lenders for purposes of determining compliance with our financial covenants. This Non-GAAP measure may have limitations when understanding performance as it excludes the financial impact of transactions such as interest expense necessary to conduct the Company’s business and therefore are not intended to be an alternative to financial measure prepared in accordance with GAAP. The Company has not quantitatively reconciled its forward looking Adjusted EBITDA target to the most directly comparable GAAP measure because items such as amortization of stock-based compensation and interest expense, which are specific items that impact these measures, have not yet occurred, are out of the Company’s control, or cannot be predicted. For example, quantification of stock-based compensation is not possible as it requires inputs such as future grants and stock prices which are not currently ascertainable.
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Air Industries Group
Chief Financial Officer
631-328-7039
Source: Air Industries Group
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